据2024年年报披露，2025年伊利股份计划实现营业总收入1190亿元，利润总额126亿元，与2024年相 比，分别同比提升2.8%、24.4%。 4月29日，伊利股份（600887.SH）发布2024年年报及2025年一季报。财报显示，2024年，伊利实现营 业总收入1157.80亿元，剔除商誉减值后净利润115.39亿元，增长12.2%。 2025年一季度，伊利实现营业总收入330.18亿元，同比增长1.35%，扣非归母净利46.29亿元，同比增长 24.19%，经营业绩双增。其中，液体乳、冷饮业务营收分别为196.40亿元、41.05亿元，均稳居行业第 一；奶粉及奶制品业务表现亮眼，实现营收88.13亿元，同比增长18.65%。 透过这份"量质双优"的业绩可以看到，在此背后既有核心业务的韧性支撑，也暗含行业周期与消费转型 下的深层挑战。《中国经营报》记者注意到，从财务数据到战略布局，伊利的增长逻辑正在经历结构性 调整，其"全品类+全球化+技术驱动"的战略框架能否持续释放动能，成为市场关注的焦点。 记者注意到，伊利2023年实现营业总收入1261.79亿元，同比增长2.44%。对比来看，2024年全年营收 ...

证券代码:002572 证券简称:索菲亚 索菲亚家居股份有限公司投资者关系活动记录表 (5) 海外市场:通过高端零售、工程项目和经销商等形式进行布局, 目前已拥有 22 家海外经销商,并与优质海外开发商和承包商合作约 80 个工程项目。 编号:20250429 | 投资者关系活 | □分析师会议 □特定对象调研 | | --- | --- | | 动类别 | □媒体采访 □业绩说明会 | | | □路演活动 □新闻发布会 | | | □现场参观 | | | ☑其他(电话交流会) | | 参与单位名称 | 申万证券组织的电话会议。 共计 115位投登机构及个人参加会议。 | | 及人员姓名 | | | 时间 | 2025年4月29日下午 | | 地点 | 公司会议室 | | 上市公司接待 | 公司管理层 | | 人员姓名 | | | | 公司 2024 年度及 2025 年第一季度经营情况介绍 | | | 【业绩情况解读】 | | | 2024年年度,公司持续深化"多品牌、全品类、全渠道"战略,实现营 | | | 业收入 104.94亿元,归属于上市公司股东的净利润 13.71 亿元,同比 | | | 增长 8 ...

2025 年 4 月 30 日 锚定多品牌全渠道全品类战略，一季度受计提公允价值损失影响利润承压 ——索菲亚（002572.SZ）2024 年年报及 2025 年一季报点评 买入（维持） 公司研究 -21% -8% 4% 17% 30% 04/24 07/24 10/24 01/25 索菲亚 沪深300 收益表现 作者 市场数据 | 总股本(亿股) | 9.63 | | --- | --- | | 总市值(亿元)： | 148.50 | | 一年最低/最高(元)： | 12.36/20.70 | | 近 3 月换手率： | 73.09% | 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 联系人：吴子倩 021-52523872 wuziqian@ebscn.com 股价相对走势 | % | 1M | 3M | 1Y | | --- | --- | --- | --- | | 相对 | -2.07 | -1.33 | -10.69 | | 绝对 | -4.95 | -1.85 | -5.95 | | 资料来源：Wind | | | | ...

21世纪经济报道记者 刘婧汐 广州报道 近日，量贩零食品牌"好想来"母公司万辰集团公布2024年财报。财报显示，2024年，公司营业收入为 323.3亿元，同比上升247.9%；归母净利润由上年同期亏损8293万元变为盈利2.94亿元，成功扭亏。 （图源：公司财报） 其中，公司"量贩零食业务"实现营收317.9亿元，同比增长262.94%，占总营业收入的98.33%；剔除计 提的股份支付费用后实现净利润8.58亿元，同比增长2500%。 取得上述成绩背后，万辰集团一边主攻下沉市场，一边通过整合供应链压低成本，进而获得规模效应。 在此种模式下，公司业绩、门店数量、股价都在一路走高。但跑马圈地的负面效应——单店盈利下滑、 毛利率过低等问题也逐渐浮现。 一年新增9776家店 站在当下的节点回头看，可以说万辰集团入局量贩零食的时机又快又准。 2022年，万辰集团创立量贩零食品牌"陆小馋"切入零食赛道，随后将好想来、来优品、吖嘀吖嘀等品牌 进行整合，共同称为"好想来品牌零食"，正式开始转型。 转型之初，量贩零食业务就成了公司的核心支柱。财报显示，2023年，万辰集团营收同比增长近16倍， 达92.94亿元，其中量贩零食 ...

证券研究报告 经纬恒润 (688326 CH) 电子业务高增长，战略投入拖累盈利 2024 年回顾：毛利率下滑叠加费用加大投放导致亏损增加 24 年公司以智能驾驶、车身、新能源域控业务为核心的汽车电子业务实现 收入 44.06 亿元，yoy+28.89%，毛利率 19.4%，基本保持稳定；研发服务 和解决方案收入 10.60亿元，yoy-14.02%，毛利率同比下滑 9.8pct至 31.9%， 导致全年毛利率下降。24 年公司亏损持续扩大，主因抢占全球车企智能化 发展窗口期，公司在各类域控、新能源管理、高阶智能驾驶产品的研发投入 增加，以及获取定点项目所带来的销售、管理费用增长。1Q25 随着收入快 速增长带来费用率的下降，公司亏损幅度收窄。 2025 展望：汽车电子在手订单，加强海外布局 公司坚持"分布式电控单品-域控产品-L4 集成产品"短中长期结合的产品 模式。1）电子产品：逐步与吉利、小米、小鹏、奇瑞、一汽、上汽等国内 主流整机厂达成项目合作，涉及中央控制平台、车身和底盘域控、智驾、新 能源管理等全品类，同时公司也持续获得等海外斯特兰斯蒂等头部 OEM 订 单。2）公司推出重载自动驾驶特种载具(HA ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance exceeded expectations, driven by rising gold prices which stimulated demand for investment products [8] - The company reported a total revenue of 20.23 billion yuan in 2024, a year-on-year increase of 22.24%, and a net profit attributable to shareholders of 719 million yuan, up 1.73% year-on-year [8] - The company is expanding its direct store network and enhancing its multi-channel layout, with a focus on the Beijing-Tianjin-Hebei region [8] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 24.63 billion yuan, with a year-on-year growth rate of 21.8% [7] - The net profit attributable to shareholders for 2025 is projected to be 804 million yuan, reflecting an 11.8% year-on-year increase [7] - The company plans to distribute a cash dividend of 7.20 yuan per 10 shares, totaling 560 million yuan, which represents 77.89% of the net profit attributable to shareholders [8]

线上渠道势能不减，线下分销持续发力。在线上，公司依托"D+N"全渠道协同体系，短视频电商定 位"新品类发动机"，主动打造爆品，并在货架电商有效承接，带动综合电商稳步增长。在线下，24年5 月公司召开全域生态大会，发布了新的区域分销模式，提出百万终端，百亿规模的"双百目标"。公司重 点聚焦分销业务，逐步推动日销品区域化深度分销的打造。 构建全品类产品矩阵，爱折扣完善社区折扣业态布局。在"高端性价比"总战略牵引下，公司加速零食产 品上新，为全渠道适配并经营全品类零食，24全年累计上线超1000款SKU。公司通过"一品一链"的供应 链管理模式，重新梳理价值链，做强一批大单品；通过"品销合一"的协同价值观，做强新组织。24年10 月公司公告收购爱折扣，完善硬折扣社区业态的全面布局。 公司发布25年一季报，实现营业收入37.23亿元，同比微增2.13%。归母净利润为2.39亿元，同比下降 22.46%；扣非归母净利润为1.62亿元，同比下降38.31%。 平安观点： 毛利率小幅下滑，净利率短期承压。25Q1公司毛利率同比小幅下滑0.66个百分点至26.74%；销售费用 率为18.67%，同比增长2.41个百分点，反映了 ...

分红方面，格力电器拟向全体股东每10股派发现金红利20元(含税)，预计派发现金股利111.7亿元，不送红股。加上 2024年中期利润分配拟派发现金红利55.8亿元，2024年度累计现金分红总额为167.6亿元，全年累计分红约占2024年 度归属于上市公司股东净利润的比例为52.06%。 4月27日，格力电器发布2024年年报，公司营业收入约1891.64亿元，同比减少7.26%； 归属于上市公司股东的净利润 约321.85亿元，同比增长10.91%。 | 项目 | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 189, 163, 654, 064. 64 | 203, 979, 266, 387. 09 | -7.26% | 188, 988, 382, 706. 68 | | 归属于上市公司股东 | 32, 184, 570, 372. 28 | 29, 017, 387, 604. 18 | 10. 91% | 24, 506, 623, 782. 46 | | 的净利润(元) | | | ...

Core Viewpoint - Three Squirrels has submitted an application for a Hong Kong IPO, aiming to become the first snack brand in China to achieve dual listing on A-share and H-share markets, with plans to use the raised funds for global supply chain enhancement, channel expansion, digital capabilities, and strategic investments [1] Group 1: Financial Performance - In 2022-2024, Three Squirrels reported revenues of 72.93 billion RMB, 71.15 billion RMB, and 106.22 billion RMB respectively, with net profits increasing from 1.29 billion RMB to 4.08 billion RMB [1] - The company achieved a revenue of 139.8 billion RMB in 2024, ranking fourth in China's snack industry, following Mars, Mondelez, and PepsiCo [2] Group 2: Strategic Adjustments - Since April 2022, Three Squirrels has halted store expansion, focusing on closing underperforming stores and enhancing distribution and self-production [4] - The company has introduced a "high-end cost-performance" strategy and a "full-category + full-channel" development approach, launching over 600 new standard product units (SPUs) in 2024 [5] Group 3: Product and Brand Development - The main revenue source remains nuts, but its contribution has decreased from 56.3% in 2022 to 50.5% in 2024, while the revenue from other snacks has increased significantly [5] - The "Three Squirrels" brand saw a 50.57% revenue growth in 2024, while the "Little Deer Blue" brand, targeting children's snacks, achieved profitability and ranked among the top three in its category [6] Group 4: Channel Strategy - Revenue from short video platforms has surged from 7.17 billion RMB in 2022 to 26.35 billion RMB in 2024, increasing its share from 9.8% to 24.8% [7] - The company has reduced its offline store count from 1,065 in 2021 to 333 by the end of 2024, with offline store revenue declining during this period [8] Group 5: Future Outlook and Challenges - Three Squirrels plans to invest up to 360 million RMB to acquire control of new snack brands, aiming to expand its offline presence to over 2,000 stores [9] - The company targets a revenue of 20 billion RMB by 2026, indicating significant growth ambitions despite current challenges in maintaining its revenue structure [9] - Sales expenses increased by 50.92% in 2024, outpacing revenue growth, while overall gross margins have fluctuated, indicating potential pressure on profitability [10]

Core Viewpoint - Three Squirrels has officially submitted its listing application to the Hong Kong Stock Exchange, aiming to enhance its international strategy and brand image while optimizing its capital structure [1][2]. Company Overview - Three Squirrels ranks fourth in the domestic snack market, with sales trailing only Mars, Mondelēz International, and PepsiCo, making it the leading Chinese company in this sector [1][2]. - Founded in 2012 in Wuhu, Anhui, by Zhang Liaoyuan, the company initially thrived through e-commerce, focusing on nuts and leveraging the Alibaba ecosystem [2]. Financial Performance - The company reported revenues of 72.93 billion RMB, 71.15 billion RMB, and 106.23 billion RMB for the years 2022, 2023, and 2024, respectively, with net profits of 1.29 billion RMB, 2.20 billion RMB, and 4.08 billion RMB [3]. - After experiencing four years of revenue decline, Three Squirrels saw a significant recovery in performance last year [2][3]. Market Position - In 2024, Three Squirrels held a market share of 1.04% in the Chinese snack industry, with retail sales of 13.98 billion RMB, ranking fourth behind Mars, Mondelēz, and PepsiCo [6][7]. - The top five companies in the snack market accounted for only 5.9% of the total market share, indicating a highly fragmented industry [7]. Product and Revenue Breakdown - The company has shifted to a "full-category + full-channel" strategy, with over half of its revenue still coming from nuts, although this segment's share has slightly decreased [8][10]. - Revenue from nuts increased from 41.07 billion RMB in 2022 to 53.66 billion RMB in 2024, while the share dropped from 56.3% to 50.5% [9]. - Revenue from short video platforms has surged, with income from these channels rising from 7.17 billion RMB in 2022 to 26.35 billion RMB in 2024 [5][10]. Sales Channels - Online sales remain the primary revenue source, accounting for approximately 70% of total income, with significant growth from platforms like Douyin [10][11]. - The company has closed numerous physical stores, reducing its total from 1,065 in 2021 to 333 by the end of 2024, while focusing on enhancing its distribution network [11][12]. Strategic Initiatives - The funds raised from the IPO will be used to strengthen the supply chain, enhance sales networks, and expand product offerings [13]. - Three Squirrels is also pursuing a multi-brand strategy, investing in various food categories, including dairy and pet food [10].